Amazon Buys Zappos for $850M

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Amazon.com has bought online clothing and footwear provider Zappos.com for about $850 million according to a press release by Amazon today. Most of the money comes from around 10 million shares of Amazon stock. Based in Henderson, NV, Zappos will maintain its management team and brand name. The deal is expected to close this fall after several months of negotiation, according to an email to employees sent by Zappos CEO Tony Hsieh.